| Date: |
08-10-2012 |
| Subject: |
Rupee down 14 paise against USD in early trade |
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Indian rupee declined against the greenback in morning trade on Monday. Rupee was down by 14 paise or 0.28% against USD to Rs 51.17 compared to previous close of 52.02 (09.24 a.m.).
At 09.27 a.m., the Sensex was trading down 51.34 points or 0.27% at 18,887.12 with 18 components falling. Meanwhile, the Nifty was trading lower by 21.95 points or 0.38% at 5,725 with 34 components falling.
In the spot market, the Dollar Index increased 0.21% to 79.50 (23:44 ET).
Euro - USD was trading at 1.29 down 0.36% while USD - Japanese Yen was trading at 78.56 down 0.14% (23:49 ET).
``The next strong support for rupee is at 52.45-52.55 followed by 52.75-52.95; these two zones are considered as worst case scenario for rupee.
The strategy for exporters is to sell 12M dollars at 51.90-52; 6M dollars at 52.45-52.55 and 3M dollars at 52.75-52.95. On the other hand, immediate resistance for rupee is at 51.35 followed by 50.50-50.25 ahead of 49.95,`` said Moses Harding, Head - ALCO and Economic & Market Research, IndusInd Bank.
Source : myiris.com
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